Business · Companies · 2 hrs ago
TPG offers to buy Lotte Rental’s remaining shares and delist the company
A TPG subsidiary is offering to buy the remaining shares in Lotte Rental, South Korea’s largest car-rental company.
The offer covers 38.83% of the company’s shares, or about 14.1 million shares, at 59,000 won each.
TPG already acquired a 61.2% stake from Hotel Lotte and Busan Lotte Hotel last month, securing control of the company.
TPG says it wants to delist Lotte Rental and make it a wholly owned subsidiary, taking it off the stock market.
The offer is open from November 6 to December 3, and the buyer says it will purchase all shares offered, regardless of how many shareholders accept.
Shareholders who accept will receive cash for their shares; the sources do not say whether the delisting will be completed.
TPG affiliate Lexicon Korea Holdco is offering to buy Lotte Rental’s remaining 38.83% of its shares and pursue the company’s delisting.
The offer covers 14,097,325 shares at 59,000 won each, for a total of about 831.7 billion won.
The offer runs from November 6 through December 3, 2026, and tendered shares will be bought for cash regardless of the response rate.
The offeror says it aims to make Lotte Rental private and turn it into a wholly owned subsidiary as quickly as possible.
TPG previously acquired a 61.2% stake from Hotel Lotte and Busan Lotte Hotel for about 1.3105 trillion won.
- Who
- TPG affiliate Lexicon Korea Holdco is making the offer to Lotte Rental shareholders.
- What
- It is offering to buy the remaining 38.83% of Lotte Rental’s shares and pursue delisting.
- When
- The offer runs from November 6 to December 3, 2026.
- Where
- South Korea. Lotte Rental is a South Korean car-rental company.
- Why
- The offeror says it aims to delist Lotte Rental, make it private and make it a wholly owned subsidiary.
This story does not have two clearly opposing sides.
TPG acquired a 61.2% stake in Lotte Rental from Hotel Lotte and Busan Lotte Hotel for about 1.3105 trillion won.
Lexicon Korea Holdco began its tender offer for Lotte Rental shares.
The tender offer is scheduled to end.
- Offer shares
- 14,097,325 shares, or 38.83% of Lotte Rental’s issued common shares
- Offer price
- 59,000 won per share
- Total offer value
- About 831.7 billion won
- Offer period
- November 6–December 3, 2026
- Previous TPG stake
- 61.2%, acquired from Hotel Lotte and Busan Lotte Hotel
What people are saying
We intend to pursue this tender offer with the aim of making the target company private through voluntary delisting as quickly as possible and making it a wholly owned subsidiary of the offeror.